Sysco racks up 110 lucrative quarters in a row
Oct 28, 2003 12:00 PM, from staff and wire reportsSysco Corp, the Houston TX-based foodservice marketing and distributing giant, posted yet another strong quarter, with earnings up 14% in the first quarter of fiscal year 2004, the period ended Sept 27, 2003.
Net income advanced to $208.8 million, or 32 cents a share, from $182.6 million, or 28 cents, a year earlier. Sales in the three months that ended September 27 rose 11% from $6.4 billion to $7.1 billion.
It marked the 110th straight quarter of sales and earnings growth for Sysco.
The food distributor plans to boost its share of the $200 billion-a-year foodservice market from 13% to 14%, said Richard Schnieders, Sysco chairman and chief executive officer, in an interview with Bloomberg News. Industry revenues are rising at a rate of $4 billion a year.